A 5008
Prohibits credit and debit card interchange fees in certain circumstances.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill prohibits credit card interchange fees in certain circumstances, specifically when the fee includes a percentage of the transaction amount and doesn't exclude taxes or gratuities. It also limits how payment card networks can increase fees to avoid circumventing these restrictions and establishes penalties for non-compliance. The bill aims to reduce fees paid by merchants for processing credit and debit card transactions.
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